622 Ocean AveBrooklyn, NY 11226
- Office properties
- 4,218 SF
Property Details for 622 Ocean Ave
- Year built
- 1910
- Lot size
- 0.14 AC
- Property size (Sq ft)
- 4,218 SF
- Zone code
- R7A
- Property type
- Office properties
- Property subtype
- Office buildings
- APN
- 05100-0072
- APU
- 51000072
Description
Exceptional development opportunity awaits at 622 Ocean Avenue, Brooklyn, NY 11226. This 6,250 sq ft lot (50 ft x 125 ft) is zoned R7A, allowing for medium-density residential development. The property boasts a 46 ft ground elevation, providing a stable foundation for construction. With a 4.0 FAR under the Quality Housing Program, the buildable area could reach up to 25,000 sq ft, presenting significant potential for a multi-unit residential building or a mixed-use project. The location in a thriving residential district offers both community charm and urban convenience. This prime site is ideal for developers seeking to create a vibrant, high-value residential project that meets the needs of the growing community. The asking price is $6,250,000. The existing structure on the property is 4,218 square feet. This presents a unique opportunity to either renovate or demolish and build anew. The R7A zoning allows for flexibility in design, catering to modern urban living demands. Don't miss this chance to capitalize on this exceptional development opportunity in a sought-after Brooklyn location.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $828,086
- 6.5%
- $764,387
- 7%
- $709,788
-
Comparable approach
- Method
- Valuation
- Relative Method
- $551,124
- Geo Method
- $551,124
-
Alternative Use
- Use
- Valuation
- Residential
- $947,839
- Hospitality
- $868,216
- Educational
- $722,345
- Medical
- $747,188
- Retail
- $1,123,648
Location Insight
- City
- Brooklyn
- County
- Kings
- State
- New York
- Latitude
- 40.6476
- Longitude
- -73.9609
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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